Step 6 – Look into Banking and Accountancy

Do you need an accountant?

This is a difficult question and there is no definitive answer. If your business is brand new and you have a simple financial situation, you might want to see if you can manage by yourself, at least in the short term. However, hiring an accountant can be a good thing as most can provide advice on tax planning and offsetting expenses against income. It also doesn’t need to be expensive.A close up of a person using a calculator and looking at some paperwork

The Money Advice Service can give more advice and explain what to look out for.

Do you need a business bank account?

If you’re a sole trader or in a partnership, you do not need to have a business bank account. But, you might find it useful to keep your business and personal finances separate, particularly if you’re in a partnership. If you’re running a limited company you do need to have a business bank account.

Like personal accounts, business bank accounts have a number of different features. You can compare different business bank accounts at: